Troubles for Developments in Henderson

Three years ago, golden shovels heralded the beginning of a promising $50 million development in Henderson - The Watermark, situated directly across from City Hall. However, the once-anticipated completion of this project has been marred by persistent delays, leaving the site ominously empty and raising questions about its future. Concerns from Downtown Henderson business owners have intensified as they report not having seen builders at The Watermark for over a month. Residents and business owners have sought information about the property owner, Strada Development Group, and an explanation for the conspicuous absence of construction activity.

Despite attempts to reach out to Strada via email and phone, there had not been any response as of Tuesday evening regarding a status update for the property and its estimated completion date. A deeper investigation into county documents obtained from the Clark County Recorder's Office reveals a possible cause for the standstill. Over the past four months, a staggering 17 liens have been filed on the parcel where The Watermark stands, amounting to $14.5 million owed to nine contractors. Of particular note are two liens filed by Gillett Construction, the company that has removed its banners from the property, totaling $11.5 million owed. This financial predicament raises significant concerns about the feasibility of The Watermark's completion.

Adding to the complexity, Strada Development Group has three ongoing projects in Downtown Henderson with a combined budget of $252.2 million, according to the company's website. The Waterfalls apartment and hotel complex, a 22-story structure on Water Street and Lake Mead Parkway, is slated for completion in the third quarter of 2025. However, observations from local businesses across the street from The Waterfalls cast doubt on progress, noting that although construction crews visited the property several months ago, no visible changes have occurred.

Amidst these challenges, there have been past successes in the revitalization efforts for Water Street, such as 314-326 South Water Street and the America First Center. These landmarks serve as benchmarks for the community and showcase the potential for positive transformation, underscoring the importance of resolving the current issues surrounding The Watermark and other developments from Strada Development Group for the benefit of Downtown Henderson's ongoing revitalization.